Buying a House and Selling a House — At the Same Time?

How the heck do you buy AND sell a house AT THE SAME TIME?

Argh! It’s REALLY stressful!

…Or is it?

Here are some important tips on how to make buying and selling a house at the same time go a whole heck of a lot smoother. You might even feel much more prepared! Wow!

Sometimes you can pay a sheep-lookin’ horse or person or a bunch of people to pack for you. Isn’t that cray?

First and foremost:

  • Start packing

I mean, do you even know how long it takes to pack up your life? I know someone moving from a tiny duplex, and it’s still going to take her almost a month to pack, have a garage sale, sell stuff on eBay, give it away, whatever it is she needs to do to get herself packed and moved out of there. Additionally, buying and selling a house goes by in the blink of an eye. It’s freakin’ unbelievable. So, get ahead of the game and jet pack outta there.

Second of all:

  • Get your mortgage loan pre-qualifications done

Contact your local friendly neighborhood lender (not a big box lender) to discuss and actually get your pre-qualifications done and checked off your list. You want to get those tax returns and paycheck stubs in his (or her) hot little hands way in advance. Otherwise get yourself the super-sized bottle of Excederin because you are going to need to start chewing those things like Tic Tacs.

Thirdly, and this advice may be upsetting, scary, or “nah, I don’t need that”:

  • HAVE A PLAN B!

Unfortunately, this Plan B cannot be purchased at your local drug store. You may not end up needing it, but it’s great to have an inkling of some sort-of-planned, or extremely-well-planned, Plan B just in case. I mean, maybe you just couldn’t find the right house. So, whose couch can you sleep on temporarily? Can you get a short-term rental? Maybe you can put your belongings in a pod and live like “Mork & Mindy” for a light-year? Just research a little somethin’-somethin’ on Facebook or Google as a backup plan. It’s better to have a backup plan and not use it — than wish you had a backup plan and slap yourself silly.

You too can become a real estate negotiating king or queen. Just ask this guy who can’t even locate – let alone RE-locate – his family.

Fourthly (and lastly):

  • Familiarize yourself with some negotiating strategies

This advice is two-part series, and although it’s now a made for TV two part series movie (though it can be, anyone down to film it?), it’s pretty important. These are like a very very distant cousin to having a Plan B. In fact, these are potentially more stressful than having a Plan B because there’s more involved than just simply asking two random strangers, who live in a dilapidated studio the size of a tiny dollhouse bedroom in Koreatown, if you can crash on their floor for a week.

These potential fiascos are the following:

  1. Contingent Offer
  2. Post-Posession Agreement

Contingent Offer – The Good Side

I have no caption for this. Thank you, Gene. I mean, anonymous internet people who put fake Gene quote on Gene’s photo.

What if the guy that’s buying your house suddenly realizes that it’s Mercury retrograde  and this is a “Superbad” (sorry, just wanted to add another TV/film reference) time to buy a house and he cancels on you? If you have a contingent offer that says, “I REALLY WANT THIS DEAL TO CLOSE BUT JUST IN CASE IT DOESN’T…” and the deal doesn’t close, guess what? You get your Earnest Money back, which is money paid to confirm your contract. Bada bing, bada boom — you protected, dawg! Hot tip! The seller is WAAAAAY more likely to agree to a contingent offer when you as the buyer have already put your home under contract. K? Less scary for everyone that way.

Contingent Offer – The Dark (Stressful) Side

Let’s say your house isn’t even up for sale on the market yet (because you think you know the market and your home will sell in 5 seconds), and you fall in love with another house and put in an offer on that house. OOOOPS! You now need to put your other house on the market and sell it SUPERFAST. It can be done, but man, it is extremely stressful, especially when the seller for the house you want to buy plays hardball…”About the earnest money? Yeah, I am not giving it back to you if you don’t get that house of yours sold in the next 21 days.” (Or whatever “hardball” terms he dreams up, that you accept, cuz, you know, “house of your dreams”.) This is why it’s important to have a realtor on hand who knows what the heck they’re doing and can guide you through Hell and make it look like a meadow full of colorful flowers.

Post-Possession Agreement – The Good Side

It’s very, very helpful to have if you know your schedule way, way, way ahead of time, and you love to plan, plan, plan – months and years and centuries and milleniums ahead of time. You even have a Doctorate in Planning. In fact, a Doctorate in Planning should be a mandatory requirement! That’s all I’m going to say about this one as far as it being any good for you.

Post-Posession Agreement – The Dark (Stressful) Side

(Begin #TwilightZone scenario)

Imagine this, if you will: You’re in the middle of a deal (buying a home and selling your own home) and the sale of your home closes tomorrow. However, the buying of your new home closes two months from now. In the middle of the night, suddenly – quietly – you realize to yourself whilst slowly falling asleep to the faint sounds of smooth jazz and rain lightly pattering on your bedroom window: “WHERE AM I GONNA SLEEP TOMORROW NIGHT? I HAVE NO HOUSE! WILL I DIE IN A GUTTER? I AM HOMELESS! OH MY GOD!!!!

(End #TwilightZone scenario)

This is what happens to you when you don’t have a Plan B and go with a Post-Possession Agreement instead. You develop a third eye chakra, and effin’ LEARN.

Unfortunately, this isn’t just a made-up Twilight Zone episode and I see it all the time (wait- is it made-up? Am I making it up? Ok, anyone down to film this episode during monsoon season this summer?)

Ok, I don’t see it all the time, but it can be stressful to work out a deal to stay in your home for a week or two longer. A funny little deal where you pay rent to the people who just purchased your home to stop them from living in it until you figure out your sh*t. The big whammy here is that it’s not only stressful for you and your agent, but also for the buyer’s of your home and their agent. Your lender may even stress-out! There’s potential for some grumpy gusses and arguments coming at you from every which way like balls of fire.

I dunno… this volcano doesn’t seem THAT active. I’m sure it’s still safe to go for a leisurely hike with friends today.

I really hope this was educational. If you need a realtor to guide you through the depths of a fully active volcano, don’t be afraid to contact me. 🙂

 

 

Kristin LaVanway
480-282-7464
kristin@hereinphoenix.com

Check out these houses that are so cool they might be worth all the stress of buying and selling at the same time!

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3505 E County Down Drive, Chandler 85249, Springfield Lakes Block 4

  • $325,000
  • Bedrooms: 2, Baths: 2
  • Home size: 1,680
  • Lot size: 6,365
  • Year built: 2003
  • MLS #: 5792735
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3934 E Bruce Avenue, Gilbert 85234, Holliday Farms Unit 3A

  • $425,000
  • Bedrooms: 4, Baths: 2.5
  • Home size: 3,026
  • Lot size: 10,633
  • Year built: 1998
  • MLS #: 5790763
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18562 E Druids Glen Road, Queen Creek 85142, Sossaman Estates Parcel J

  • $399,900
  • Bedrooms: 4, Baths: 2.5
  • Home size: 3,348
  • Lot size: 10,201
  • Year built: 2003
  • MLS #: 5789672
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316 E Benrich Drive, Gilbert 85295, Allen Ranch Parcels 1 2 3 & 4

  • $480,000
  • Bedrooms: 5, Baths: 4
  • Home size: 3,355
  • Lot size: 10,261
  • Year built: 2000
  • MLS #: 5795288
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4597 W Earhart Way, Chandler 85226, Twelve Oaks 4 Lot 601-844 TR A-E

  • $385,000
  • Bedrooms: 4, Baths: 3
  • Home size: 2,714
  • Lot size: 12,458
  • Year built: 1989
  • MLS #: 5793564
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4170 S Pinnacle Place, Chandler 85249, Old Stone Ranch Phase 1

  • $579,900
  • Bedrooms: 4, Baths: 2.5
  • Home size: 3,014
  • Lot size: 11,130
  • Year built: 2007
  • MLS #: 5766612
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5023 S Lantana Lane, Gilbert 85298, Trilogy at Power Ranch

  • $319,000
  • Bedrooms: 2, Baths: 2
  • Home size: 1,332
  • Lot size: 5,500
  • Year built: 2001
  • MLS #: 5795275
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2063 W Gila Lane, Chandler 85224, Dave Brown Unit 4 LT 1-199 TR A

  • $348,000
  • Bedrooms: 4, Baths: 2
  • Home size: 2,029
  • Lot size: 7,806
  • Year built: 1984
  • MLS #: 5793779
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9404 E Onza Avenue, Mesa 85212, Mesquite Canyon

  • $338,975
  • Bedrooms: 3, Baths: 2
  • Home size: 2,308
  • Lot size: 7,211
  • Year built: 1999
  • MLS #: 5788511
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35152 N Laredo Drive, Queen Creek 85142, Morning Sun Farms

  • $313,000
  • Bedrooms: 4, Baths: 2.5
  • Home size: 2,535
  • Lot size: 7,799
  • Year built: 2014
  • MLS #: 5761505
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3009 E Vermont Drive, Gilbert 85295, Chaparral Estates West

  • $420,000
  • Bedrooms: 3, Baths: 2.5
  • Home size: 2,833
  • Lot size: 10,000
  • Year built: 2003
  • MLS #: 5778985
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872 N Pineview Drive, Chandler 85226, Pineview Unit One Lot 1-97 TR D-G

  • $366,000
  • Bedrooms: 4, Baths: 2.5
  • Home size: 2,111
  • Lot size: 7,793
  • Year built: 1993
  • MLS #: 5792274
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10045 E Lomita Avenue, Mesa 85209, Villages OF Eastridge Unit 10A

  • $364,000
  • Bedrooms: 5, Baths: 3
  • Home size: 3,435
  • Lot size: 7,722
  • Year built: 2003
  • MLS #: 5782342
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4708 W Orchid Lane, Chandler 85226, Suggs Corona Village Unit 1 Lot 1-215 TR A

  • $339,000
  • Bedrooms: 3, Baths: 3
  • Home size: 1,731
  • Lot size: 7,915
  • Year built: 1982
  • MLS #: 5792438
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3650 E Blue Spruce Lane, Gilbert 85298, Bridges East Parcel 3-4

  • $470,000
  • Bedrooms: 4, Baths: 2.5
  • Home size: 2,941
  • Lot size: 7,800
  • Year built: 2014
  • MLS #: 5790409
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ARMLS Listing Data last updated 7/19/2018 10:07 AM MST.